BIAM loses key client since top brass poached

BANK of IRELAND Asset Management has lost a key client since four of its top executives were poached last month.

The Royal Bank of Canada’s asset management arm said it decided to end its dealings with BIAM for its Europe, Australia and Asia fund when the four executives moved to Perpetual Trustees.

“BIAM will continue to sub-advise on the RBC Private EAFE Equity Pool through the next 60 days, ensuring the continuity of investment management of client assets until a suitable replacement firm can be identified,” the Canadian firm said in a statement. RBC Asset Management would not disclose the value of its deal with BIAM, and a spokesperson for Bank if Ireland said it has continued to win new mandates. It is not known if any other clients have parted company with the bank over the loss of the individuals.